Reporting ULIP payout of Rs 3.22 crore under wrong head in ITR triggers tax penalty; ITAT Hyderabad cancels penalty

Man invested Rs 75 lakh in three ULIPs in 2006 and surrendered them for Rs 3.22 crore in 2020; tax dept send notice and ...

What if CPC misses ITR processing deadline? Here’s how taxpayers can legally claim their refund

Taxpayers are entitled to their refund if the Income Tax Department's CPC fails to process their ITR within the statutory ...

If ITR is not processed by 31 December 2025, you won't be able to file revised ITR; here’s what you can do if you have a tax refund claim

If your net income tax liability is lower than the total income tax paid, you are eligible for a tax refund in most cases. In some cases, the tax department adjusts current years’ tax refund with past ...
Tax Guru

Final Assessment Quashed for Missing One-Month DRP Deadline

The issue was whether the final order was passed within the statutory timeline after DRP directions. The Tribunal held that delay beyond one month under section 144C(13) renders the order ...
Tax Guru

Omnibus Section 153D Approval Invalid, Entire Search Assessment Quashed

The issue was whether a single, consolidated approval under section 153D for multiple assessees is legally valid. The ITAT held that such mechanical approval shows no application of mind and vitiates ...
The Business Standard

NBR moves to link tax database with stock market investor records

The NBR chief said that connecting the tax database with the CDBL will significantly simplify the collection of dividend information from the large number of investors in the stock market who receive ...